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max
Starting Member
13 Posts |
 Posted - 10 October 2010 : 12:02:48
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We are trying to fill in the bankruptcy forms - they are really badly designed arn't they? Not enough room to put the appropriate number in the box that is only 3 characters wide............. etc.
However, I really wanted to know how I find out the value of our cars? What is an accepted source? |
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moodybluetwo
Junior Member
156 Posts |
Posted - 10 October 2010 : 12:27:00
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| There is a free basic valuation available on the Parkers Guide website.It is used by the motor trade...so it gives you a good idea what the value is.Follow this link.http://www.parkers.co.uk/cars/used-prices/ |
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max
Starting Member
13 Posts |
Posted - 10 October 2010 : 15:49:32
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Thanks, but because the car is older than 2002 there is a fee and it takes two days!
Do you know if there is anywhere else, please? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 October 2010 : 16:15:00
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Are you using the 'Select Manufacturer' and 'Select Model' from the drop-down menus on the http://www.parkers.co.uk/cars/used-prices/ page?
My car was manufactured in 2001 and I can get the valuation free on that page. |
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moodybluetwo
Junior Member
156 Posts |
Posted - 10 October 2010 : 18:04:12
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| It states free valuations for cars from 2000 onwards...mine is 2000 W reg and it works for me. You could always pop into your news agent and look in the Parkers guide for free . |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 October 2010 : 23:10:46
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Max,
try this site:
www.whatsmycarworth.co.uk
It's free, as I did mine which is a 2000 X reg vectra. However, don't do the valuation based on a particular registration, just do it based on make, model etc. It will be acceptable, as I used to use it when I was an insolvency examiner, when I couldn't get one on Parkers.
Big Al |
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max
Starting Member
13 Posts |
Posted - 11 October 2010 : 08:52:50
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Thanks. I've tried them both but because the car is 1997 it won't go back that far! Has anyone tried the text valuation that is advertised on the TV?
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Golf88
Starting Member
43 Posts |
Posted - 11 October 2010 : 09:27:46
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quote:
Originally posted by max
Thanks. I've tried them both but because the car is 1997 it won't go back that far! Has anyone tried the text valuation that is advertised on the TV?
Hi Max,
I hope this helps,
I went BR on 26th June 10 and my little car is only a 1997 Saxo, It was valued at £400. I suspect if you were to look at a car like yours in your local newspaper you would be unlikely to spend much more on a car of this age. The OR is only interested in anything worth £1000 or more and I feel you may be over complicating things if you forgive me for saying. I hope this helps you. Good luck.
Regards,
Golf88
Taking a day at a time and enjoying them a bit more than I did before.... |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 11 October 2010 : 10:39:07
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Max,
as Golf88 says, as an examiner I wouldn't be too interested in a 1997 Saxo, as realisticly it's going to be worth about £7-800. I just put citroen saxo 1997 in to google, and it came up with several, all ranging in price from£7 - 800.
The examiner who interviews you should be realistic enough, to realise that £750 or so is about right.
You didn't say whether you need it for your employment, as if you do you can ask the OR to exempt it from the proceedings. As if the OR decided to instruct their agents to deal with it, the OR would end up owing the agents in fees and costs, thus being of no benefit to the bankruptcy estate.
Big Al |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 11 October 2010 : 11:58:46
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Hi, Please be aware that my O.R WAS interested in my low value car!.
I had an old Mondeo...value around £500, and i was asked what i needed it for. As it was for visit to the hospital for treatment, i was allowed to keep it. Had it been because of the distance to hospital...the O.R would have had an interest in it. I was even asked fof proof that i had scrapped a car, as my O.R said they would have it collected, if i didn`t.
Never assume that as your car is below £1000, it is safe, as it isn`t, as far as some examiners are concerned.
This is a repeat of what i keep telling people on this site, so i`m sorry if you have read it before! |
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moodybluetwo
Junior Member
156 Posts |
Posted - 11 October 2010 : 16:18:14
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| I would think that even a car with a low value has running costs..so if you didnt need it for work etc that money could be put towards an IPA..just a thought. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 12 October 2010 : 12:23:25
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Unfortunately you are going to get some examiners who are going to be rigid and straight down the line, and still claim a £500 banger, even though the OR will end up owing their agents money to deal with it. Which when you think of it is hardly a good business approach, especially, when the insolvency service, is one of the few areas in government that actually produces revenue, and is technically a business.
This is the reason why myself and all other contractor examiners were shown the door this year, because revenues have gone down, therefore it doesn't help when they get a career examiner, claiming a £500 banger that it actually going to lose money, simply because he/she is following the manual to the letter.
This is where, you get different OR offices, dealing with matters like £500 bangers, in different ways. For example, one person I dealt with had a car worth £1,000, but didn't need it for work, caring for a relative etc, so I told them to make a reasonable offer to keep it. They came up with £200, which I accepted(if they'd offered £100 I would have accepted it), as if I'd got our agents to deal with it, the OR would have got nothing for the benefit of the bankruptcy estate.
Therefore with respect to cars, even though an examiner initially claims a car for whatever reason in the interview it is his/her AOR(acting official receiver) that has the final say, therefore if you disagree with the examiner, then you are quite entitled to appeal to his/her AOR, stating the reasons why.
As for scrap cars, the examiner would need proof to show that it was indeed scrapped(V23 document from DVLA), as say if it hadn't, then was somehow resurrected and was involved in an accident or similar resulting in claims etc. then any third party could make a claim against the OR, being the trustee, that's only an example, but I hope you get my drift. Alternatively, if you do have a scrap car, and bankrupt, the OR will arrange for it to be collected under the cartakeback scheme.
Big Al |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 12 October 2010 : 12:41:56
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Bigal, I must have had a very lenient/sensible examiner - my car was worth around £3k at the time but I was able to keep it.
I needed it for work so presumably it wouldn't have been cost effective to take my car, give me money back to buy one and have mine taken away?
My friend went BR around the same time as me and was dealt with by the same office, but her car, which was valued at £200, was taken as it was decided she didn't need it, despite being a single mother with mental health problems!
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 12 October 2010 : 13:06:54
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The car is a very important issue in bankruptcy, and this thread has answered it. can it be kept as a topic?.
Bigal....Their loss is this sites BIG gain. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 12 October 2010 : 14:40:12
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I've made this thread a 'sticky'.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 13 October 2010 : 00:16:15
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Tracey,
My AOR gave me discretion to exempt cars up to £3,000 in value, which is quite sensible, as if you're in employment and want to remain so, especially if contributing to an IPA, then a reliable car is needed, in your case Tracey, taking yours from you, selling and then giving you sufficient to buy a reasonable replacement just wouldn't be practical,so you did have a sensible/lenient examiner, with a bit of business sense.
Low value assets up to about £3,000 have always been problems for the OR to deal with to get some sort of benefit for the bankruptcy estate. The best option is always for him/her or a third party to make a reasonable offer, without involving the OR's agents. The argument, that anyone should put up when making an offer, is that their offer would represent better value for the estate, as it would not incur unneccessary fees and charges.
Big Al |
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Value of car
